Temasek says portfolio falls by $40 billion

Wed, Jul 29, 2009
Reuters

SINGAPORE - Singapore state investor Temasek said on Wednesday its portfolio had fallen by $40 billion (US$27.80 billion) as of end-March 2009 from a year ago.

'In our Temasek Review last year, we reported an annual value-at-risk of almost $40 billion last March. This meant a 16 percent probability for our portfolio value to drop more than $40 billion by March this year. Indeed, it has turned out to be so, and more,' CEO Ho Ching said in a speech.

Temasek had $185 billion in assets as of end-March 2008, which fell to $127 billion as of November 2008. Ho did not give the exact portfolio level.

This was the first public comment by Ho after Temasek said last week that Charles 'Chip' Goodyear will not become CEO due to differences over strategy.

Ho said Temasek would continue to look at internal and external candidates for her replacement.
----------------------------------------------------
From: "AleXX"
Date: Wed, 29 Jul 2009 19:45:11 +0800
Local: Wed, Jul 29 2009 7:45 pm
Subject: Temasek lost S$40 billion within one year

Temasek, under the brilliant leadership of Ho Jinx just lost a tiny sum of
S$40 billion with a year. If this amount are given to every citizen (of 3
million people), each citizen will get S$13,333.
S$40,000,000000 divided by 3,000000 = S$13,333.00

They can actually do away with the GST....

---------------------------------
I just can't understand why so much fuss about getting a CEO for Temasek. What is the role of CEO in Temasek? What about the Board? What are their roles in making investment decisions? If Temasek as a SWF focuses on its objective of getting good return for public fund, its role and performance should not be that different from an individual investing his own money, except for the size of fund. They are many savvy, successful and disciplined private investors in Singapore who had proven themselves again and again through many economical cycles that were able to earn descent returns for their investments. May I ask what kind of return our highly paid CEO or executives were able to deliver so far? Why so difficult to get a CEO here? Why need to pay so much? Something else must be wrong here. I believe all we need is someone .....
Posted by: SKB2009 at Wed Jul 29 20:58:10 SGT 2009

---------------------------------
Not to worry. Its only ..OUR money.
Posted by: sharlynrj at Wed Jul 29 20:56:13 SGT 2009

----------------------------------
Most Companies would have sacked the manager whose prediction of 16% became 100%.
-----------------------------------
Cut the crap, its is simply poor judgment, just admit it
Posted by: micky2008 at Wed Jul 29 14:37:43 SGT 2009

This LTA up ERP charges like nobody biz

From: Acid Cynic
Date: Tue, 28 Jul 2009 00:44:00 -0700 (PDT)
Subject: Re: This fucking LTA up ERP charges like nobody biz

LTA is linked to Temasek, so of course, additional ERP revenue will go
to cushion Temasek's loses.

On Jul 28, 2:55 pm, yansimon52 wrote:

> When there is some signs of market recovery this fucking LTA up their
> ERP charges without even wrinking their eye lip........

> They (LTA) promise to low down Road Tax when ERP gantries were in
> force........their fucking lowering rd tax is just too pathetic...to
> justify those ERP increases.

Foreigners will shun Temasek

From: "lobert"
Date: Mon, 27 Jul 2009 19:44:04 +0800
Local: Mon, Jul 27 2009 7:44 pm
Subject: Re: Foreigners will shun Temasek

Mr. Tooth
No need to hunt. Locally, the respectable Ho Jinx can continue to lead
Temasek. With the help from her husband and father-in-law, she would bring
Temasek forward to the next financial lap.

"truth" wrote in message

> With such bad reputation, Temasek will find it very
> difficult to get talented foreigners to come on board.
> If they do succeed in getting foreigners it will not
> be the top calibre. Most likely the second liners. This
> is a lose-lose situation for Temasek. So Temasek has
> little choice but to rely on internal resouces in their
> hunt for the next executive.
> Temasek stinks in the world.

You are talking cock. More and more foreign talent will still queue up
to join Temasek because of the handsome pay package plus months of
performance bonus even if they are not performing.

FOREIGNERS PAY $690.000 FOR CONDO - SINGAPOREANS PAY $980,000

From: "AleXX"
Date: Tue, 28 Jul 2009 21:55:05 +0800
Local: Tues, Jul 28 2009 9:55 pm
Subject: Re: FOREIGNERS PAY $690.000 FOR CONDO, SINGAPOREANS PAY $980,000!

If they got the money to throw around, why not?
Just like Singapore's Temasek are created to loss money.

"Pak Tun" wrote in message

> Huge crowds gather each time a new condo project is luanched. Many bought
> these units thinking they had a good buy. many of these buyers are just
> kiasu and followed the herd mentality. One sheep jump over the cliff and
> the
> rest follow.

> The truth is that they are paying much higher than foreigners. Many of
> these
> developments are already presold to foreigners in Indonesia, Malaysia,
> Thailand, taiwan and Hongkong, before being offered to Singaporeans. Many
> foreigners bought these units at a much lower price. For example, a
> similar
> unit sold in Indonesia at $690,000 ( conveyance and stamp fee included) is
> priced at $980,000 here at a soft launch!

> Go to any sales office and one can actually sense the "take it or leave it
> attitude" of these developers. When did developers become so cocky
> especially so many people are still jobless and bankruptcy is still on the
> rise? The answer is that they already presold a good percentage of their
> developments overseas!

> Buyers beware!

PAP quietly changed rules of CPF Life scheme

> > CPF Life : Annuity without guarantee....

> > "The annuity provides a kind of retirement-income insurance: you
> > contribute funds to the annuity in exchange for the guaranteed income
> > stream of your choosing later in life."
> > - Investopedia [Link]
> > .
> > The basic idea of life annuity is it serves as a form of insurance where
> > the uncertainty of an individual's lifespan is transferred from the
> > individual to the insurer, which reduces its own uncertainty by pooling
> > many clients[Link]. What good is an annuity if income stream from it is
> > not guaranteed? If you can't depend on it, you will need something else to
> > insure against the uncertainty!
> > .
> > This week the govt passed amendments to the CPF Act that allows the govt
> > to vary the payout on CPF Life at the Government's discretion. [Link]. The
> > reason given was that they may have to cut down the payout to ensure the
> > solvency of the CPF Life scheme (due to incompetent management?). What is
> > happening is this : in a life annuity risk is transferred from individual
> > to the insurance company. However, with CPF Life, the govt passed the risk
> > right back to the individuals. So ordinary Singaporeans are forced buy an
> > annuity that we can't count on for a guaranteed income stream. Even with a
> > guaranteed income stream, we are already forced to bear the risk of
> > inflation ...like I said in earlier post, the basic scheme may not even
> > provide enough for McDonald's Happy Meals[Link] due to inflation. However,
> > with the guarantee on the income stream removed, the basic scheme may not
> > even be enough for maggIe mee! ...all to protect the govt's own scheme
> > from insolvency....(hmm....protecting itself from its own lack of
> > competence?)

> > The CPF scheme and its never-ending tweaks that always end up locking up
> > our money longer and longer but never provide any more in the way of
> > financial security for old age and protection against inflation. The whole
> > CPF should be reformed. We should do what other competent govts do instead
> > of locking up the minimum at a low fixed return. Hire the best managers to
> > manage the money properly so that it will be adequate for retirement later
> > on - that is what almost what every other major pension fund in the world
> > does including Malaysia's EPF, Chilean Pension Fund etc etc. Contrary to
> > what the govt tells us, locking money up at a fix rate is completely
> > unsafe and makes us all vulnerable to inflation. The PAP govt endangers us
> > so that the GIC can borrow the money for investments from the CPF. It is
> > very unkind, unjust and ultimately unfair to the ordinary folks who are
> > now asked to work until they are frail and old.

> > posted by LuckySingaporean

> Temasek can't survive without using CPF money and the country's reserves

Frankenstein Lee - Listen to this Supreme Master

From: "lobert"
Date: Sun, 26 Jul 2009 11:27:07 +0800
Local: Sun, Jul 26 2009 11:27 am
Subject: Re: Frankenstein Lee - Listen to this Supreme Master

"Frankie" wrote in message

On Jul 26, 12:45 am, "lobert" wrote:

> "Frankie" wrote in message

> On Jul 25, 2:12 pm, "AleXX" wrote:

> > The pretty Chin Hai. She will cast away all your lunar and fickle
> > christian
> > thought away. She will give you
> > enlightenment.http://www.youtube.com/watch?v=L5YCz6LVDS4&feature=related

> ***She is such a fool,and you believe in her?No wonder you became
> cookoo..

****
She also preached that planet earth and the solar system is only 6000
years
old. You believe her?
*****
Reply: She also preached that we eat and shit,too.Do you also believe
in her?

Only people like you who got a diploma from the Institute of Mental Health
and a distorted mindset would never believe that "we eat and shit".
Lunatic like you putting on a christian label trying to be unique claiming
that planet earth and the solar system is only 6000 years old?

Is there a law against priest or monk owning property

From: "truth"
Date: Wed, 22 Jul 2009 12:21:30 GMT
Subject: Re: Is there a law against priest or monk owing property...dealing in real estates ... having diving holidays?

The central tenet of Buddhism is to "let go" of
your desires.
If a Buddhist monk keep on acquiring more and more
he is going against this basic teaching of Buddhism.

"baldeagle" wrote in message

news:338be41e-2415-4c4e-b8c8-3f9ec57b20cb@l5g2000pra.googlegroups.com...
On Jul 22, 5:33 am, baldeagle wrote:

> http://news.asiaone.com/News/The%2BNew%2BPaper/Story/A1Story20090719-...
> Quote:
> "From a multi-million dollar condominium in Singapore to properties
> in Australia and Seattle, the 47-year-old monk had them all. He also
> owned a luxury car, a racehorse named Venezuela and went on
> diving holidays."

> The propaganda organ painted a picture of a monk, who
> own property, dealing in real estate, having holiday overseas
> as if it is illegal.
> Is there a law in Singapore against priest or monks owing
> properties, dealing in real estates...or having diving holidays
> overseas ?

On Jul 22, 3:34 pm, "truth" wrote:

- For a monk to engage in such excessive materialistic pursuits,
- is wrong and absolutely unworthy of his status as a monk.

Who say a monk or a priest cannot properties, dealing in real
estates...or having diving holidays overseas ?

Whose rule or law is that ? Yours ?

Why can't GIC or Temasek do something like this

From: Frankie
Date: Sat, 25 Jul 2009 02:23:39 -0700 (PDT)
Local: Sat, Jul 25 2009 5:23 pm
Subject: Re: Why can't GIC or Temasek do something like this

> LKY claimed that they are the best.
> If so they should be doing not only as good as
> Warren Buffet but better than him.
> As far as GIC and Temasek actual performances
> are concerned, Warren Buffet has outperformed
> them by miles.
> So LKY is a fraud who make unsubstantiated
> claimed. LHL is telling lies when he claimed that
> the pap has provided extraordinary leadership.
> These people are liars and cheats and cannot
> be trusted. They have been deceiving Singaporeans
> for ages and about time Singaporeans exposed
> them.

> "Frankie" wrote in message

***I suppose your bitterness blinds the truths.LKY is a very great
leader,and he couldn't be a fraud or can he cheats Singapore.His
achievements cannot be gainsay upon,no matter what grudges one may
hold against him.
Let's make a simple comparison of him and the rest of any leaders in
our world.Can we honestly say he is no statesman?The way you
destructively criticized him only discredit your own credibility.

LKY is one of the most marvelous individuals our world has ever known.
He is very old,and any time now,you know it.No one can really fault
him for his deep love for this land,and I strongly believe what he did
is really for the good of this nation,however with imperfections of
course.

Singaporean as a whole respect him,except Oppositions where he
seriously dealt them with the hardest blow.Again,if others become the
figure head,you think they would be as kind as a saint?To him and his
family?When one see the ugliness of this world,how can we not justify
for what he had done,fair or unfair to Oppositions?If one becomes his
enemy,can he not treat them as one?Many good Christians expect LKY to
offer the other cheeks,but how could he,for he has since been a known
gnostic.

What he did was never thinking about the after life Judgment,but just
for mere survival as a political party,and he did well.Any true born
again Christian,live by the conscience and integrity,and a clean live
so as to meet God one day to give an account.People who has nothing to
account for the next Eternal life,will forever sees no need to live by
the Conscience, and purity, and obedience to God's words.

It is better to live your remaining lives at peace with yourself than
to bog down with hatred and in the deep galls of bitterness,obviously
given by him.If you don't savor every moment of your life,but keeps
having deep grudges,you are real losers in life.

Ridiculus city - fined for consuming medicine

From: "truth"
Date: Wed, 22 Jul 2009 13:40:49 GMT
Local: Wed, Jul 22 2009 9:40 pm
Subject: Ridiculus city - fined for consuming medicine

Written by Ng E-Jay
22 July 2009

A lady commuter was recently fined $30 for eating a sweet during an MRT
train ride to relieve motion sickness (see embedded video below).

Eating and drinking in the MRT carries a maximum fine of $500. However in
this case, common sense has been completely thrown out of the window in what
is apparently a silly over-reaction by the authorities.

This is typically what happens in the civil service, Government departments,
statutory boards, and Government-linked Corporations and service providers
when unthinking subordinates blindly enforce regulations without regard to
common sense due to intense pressure from their superiors to keep up
appearances.

This shameful episode was recently captured on video by Felicia Low,
Multimedia Reporter at Straits Times Razor TV. She was accompanied by SMRT
Enforcement Officer and Yishuan Station Master Roger Foo who spotted
commuter Zaina eating a sweet while aboard an MRT train.

Zaina explained that she ate sweets because she sometimes felt thirsty or
giddy aboard the MRT train. She clearly knew that eating and drinking was
not allowed in the MRT and she was obviously trying to be as discreet as
possible. The sweet was only used to relieve her motion sickness.

Enforcement Officer Roger Foo responded by saying: "But if everyone is going
to tell us that they have to take sweets because they are thirsty or feel
giddy, and if everyone were to start doing that, then where are we going to
put a line on that?"

I will tell Roger Foo this: We draw a line based on basic common sense and
human decency.

Obviously, the risk of polluting the MRT train by eating sweets is
completely non-existent as long as the commuter throws the sweet wrappers
away properly in rubbish bins. There is absolutely no reason why commuters
should be forbidden from eating sweets to relieve motion sickness.

Have we lost all sense of compassion in a bid to follow the letter of the
law, never mind the spirit of the law?

The reporter ended her video presentation on the note: "Nothing escapes the
eyes of the law, including a sweet."

But clearly, common sense has.

Goodyear vz Temasek

Date: Thu, 23 Jul 2009 08:15:20 -0700 (PDT)
Local: Thurs, Jul 23 2009 11:15 pm
Subject: Goodyear vz Temasek

Yesterday on the Straits Times photo showing Danabalan/Ho Jinx and
Goodyear holding a press release announcing Goodyear sudden departure.

Look at Goodyear's stern face......I think he must be very pissed off
by Danabalan and Ho Jinx.

What's happening over at Temasek....events leading to Goodyear
departure

1) Temasek made a very big hoo haa announcement on this
transition........handpicked and Goodyear past achievement such as
turn around BHP to a multi billion company.

2) With all these hoo haa........Goodyear's head swell..

3)Once ang moh head swell.......he thot he is the one calling the
shot...........so, he start restructuring the whole management and
looking into Temasek fund.
4) So, when once, Goodyear look into Temasek financial
status....Danabalan and Ho Jinx told Goodyear....this area is
restricted to you.

5) So, Goodyear replied back...then, what's the hell I am doing here
as CEO huh?

6) Danabaln replied........sori......CEO is just for show show only
mah.......just get your salary monthly and dont probe into this
sensitive money matter....

7) What the heck..........my name is Goodyear you knowwwwww......I got
international reputation in turning around an ailing company into a
multi billion company and you 2 want me to sit down draw 5 figure
monthly salary and shake leg?
Halo my reputation is at stake

From: baldeagle
Good Simoni...

Ha ha ha ha ha..... a good one.

Goodyear is the sucker....He is being used by Ho Chin..
to show Singaporean that Temasek cannot do without her...

I almost can hear her said: "See, this Any Moh failed his
probation...cannot do the job. I will stay on as CEO"

With a short mama at the back to support her.... Goodyear
had no chance at all !

Poor woman..... lost money big time in Temasek...
husband health (rumours say cancer relapse)...
domestic problems...no real close friends....
Wouldn't be surprised if she gone kuku...and
squat in the middle of express way !

From: Superbee
There is a story about a goat named, "Scape".

When times are bad, "Scape" moves to the front to get all the shots.

When the storm clears, the people come out of their hiding and "Scape"
is no longer needed.

From: "kingkong"
Goodyear should know by now Temasek Holdings often practice double standard.

From: yansimon52
If you ask Ho Jinx to put on a pyjamas and sit at one of those HDB's
void deck in early morning............do you think its a familiar
figure to you?............LOL.........LOL....

Ppl usually say when you are very filthy rich...those around you
usually put on a false front la.............go after your money what?.

Heard that Freedy Lee (LKY's bro) went over to a newly opened casino
ship..'Asia Star'...but, he play for fun with small stake......I think
he enjoy himself more in those luxurious cabins that come with prono
films...girls from Korea and Japan..........not those ang moh with big
big lobang.....LOL........LOL...

This casino ship is being managed by the former singapore lawyer with
the nick name of 'Tua Pui Loo'...Fatty Loo..made himself a name in the
horse racing world.

Look likes swine flu is here to stay.....

From: yansimon52
Date: Fri, 24 Jul 2009 20:06:45 -0700 (PDT)
Local: Sat, Jul 25 2009 11:06 am
Subject: Look likes swine flu is here to stay.....

Fortunately, this airborne virus strain (swine flu) is
mild...........like its close cousin the common clod retrovirus..

FYI, there are other airborne viruses (ie. west nile, bird flu, SARS
and other unnamed airborne viruses) that oledi made their presence
felt previously...........What happen if these airborne viruses
surface again?

As I said...........first line of defence is.........go for some puffs
a day........

If that is the case...........look likes sooner Authoorities across
the globe got to tear down those 'no smoking'
signs....LOL...........LOL.........

Temasek is a DANGER to Singaporean future

From: "truth"
Date: Fri, 24 Jul 2009 13:22:11 GMT
Local: Fri, Jul 24 2009 9:22 pm
Subject: Temasek is a DANGER to Singaporean future

Same Old Temasek Again
An article from Today:

Did somebody forget this thing called culture?
by PN Balji

AS THE buzz about Mr Charles Goodyear's sudden departure from Temasek
Holdings continues to dominate discussions, one can't help but ask this
question: Could a no-nonsense CEO who bulldozed his way through a traumatic
merger to form mining giant BHP Billiton, retrenching thousands in the
process, have fitted into a Singapore culture, which for all its outward
glow of modernity, is essentially conservative?

Temasek is no ordinary company. To run it, having good business acumen is
not enough. You need to understand not just the dynamics of the company, but
that of its associate companies, the Ministry of Finance, the Cabinet and
the people of Singapore. It is a jewel in Singapore's crown and the person
protecting and growing it must have the clout to push through his
initiatives. If not the clout, then at least the savvy to win over its
stakeholders.

Pity Mr Goodyear. It looks like he did not even have the time to go on a
charm offensive, assuming that plan was in his briefcase at all.

Just four months after he was appointed to the Temasek board and just
two-and-a-half months before becoming the CEO of the sovereign wealth fund,
the 51-year-old American businessman is leaving with questions being asked
about not only his style but about Temasek's ability to pick the right
person and about whether a foreigner can ever run an outfit like Temasek.

His credentials are impeccable, they have been talking to him for two
years, Minister Mentor Lee Kuan Yew described him as one who had an affinity
for Temasek's values, yet Temasek and Mr Goodyear are parting ways.
Strategic differences was given as the official reason. How could that be?
PN Balji, you'll never know. You can speculate, and make your guesses. Maybe
from somewhere within your personal network, you might even hear some
rumours of the "inside" story. But you'll never know for sure.

Why? Because this is Temasek. You know their style. Through all these years,
it has not changed. Basically, Temasek will never tell you anything, except
perhaps the reasons why it will never tell you anything. And even those
reasons will be vague and obscure.

Take Goodyear's departure, for instance. It is revealed that he left because
there were "strategic differences". No further details. This kind of answer
could mean anything and everything, and therefore means nothing.

Except one thing. It means - Temasek doesn't want to tell you, lah.

Perhaps one day, Singaporeans will understand - how risky it is, for so much
of the nation's money to be managed in this way.

Posted by Mr Wang Says S

Goodyear failed to make it - is it a devious Ho Chin ploy to keep her job?

From: "truth"
Date: Wed, 22 Jul 2009 12:19:01 GMT
Local: Wed, Jul 22 2009 8:19 pm
Subject: Re: Goodyear failed to make it..... is it a devious Ho Chin ploy to keep her job?

In his short few months Chip has shown what he
is capable of doing. He has shown that he is more
than able to shake up Temasek and bring it to
a more profitable growth path. In short he has
outperformed Ho Jinz.
The Board did not give him their full support in
some of his initiatives because these hurt the interests
of some members of the pap Leegime inner sanctum.
After spending two years studying the man and
satisfied that he is the best person in the world to
lead Temasek, it is unthinkable for Temasek
Board to withheld full support from Chip. Why
do u hire someone when u don't give him a free
hand. U should not have hired him in the first place.
The only logical answer is he has stepped on the
interests of the pap Leegime. The board panic
and withheld their backing to some of his initiatives.

"baldeagle" wrote in message

> It is not unexpected..... A CEO whose only experience is managing a
> mining outfit, failed to make it as the CEO of Temasek...a giant
> conglomerate overseeing a stable of huge business organisations
> including Singapore Airlines, Development Bank of Singapore, PSA,
> SingTel.....and a sovereign fund of hundreds of billions.

> The Board of Temasek was wrong to have picked him....a man with no
> track records of success in managing a huge conglomerate...as diverse
> asTemasek. Perhaps it was Ho Chin devious manipulation... By
> employing someone who is sure to fail...it show Singaporean that she
> is needed ...even though she lost hundreds of billions dollars.

Singaporean Model to be caned after drinking beer

From: "Dr. Sir John Howard, AC, WSCMoF"
Date: Tue, 21 Jul 2009 22:12:27 +1000
Local: Tues, Jul 21 2009 8:12 pm
Subject: Singaporean Model to be caned after drinking beer

A RELIGOUS court in Malaysia has sentenced a tearful Singaporean Muslim model to
six strokes of the cane after she drank beer in a nightclub.

Kartika Sari Dewi Shukarno, 32, pleaded guilty to consuming alcohol at a hotel
nightclub in the eastern state of Pahang last year, the New Straits Times
newspaper reported.

"We feel the sentence is fair after going through the prosecution's argument and
since the rotan (cane) is provided for in the law," Pahang Sharia High Court
judge Abdul Rahman Yunus said, according to the paper.

"The rotan is aimed at making the accused repent and serves as a lesson to
Muslims," he added, also fining Kartika 5000 ringgit ($1730).

The model, who cried when the judgement was delivered, said she would appeal.

State religious officials could not be reached for comment on the case.

Malaysia, which has large Indian and Chinese minorities freely enjoying alcohol,
has a two-track legal system.

Civil courts operate alongside state-based sharia courts, which can try Muslims
for religious offences.

President and Cabinet and Temasek Board failed badly

Andrew Loh

Anyone expecting Temasek Holdings to shed further light on the departure of
Mr Charles Goodyear will be disappointed. Don't hold your breath. Despite
calls for more transparency and openness in its dealings, the state
sovereign wealth fund (SWF) is notoriously secretive.


Singaporeans will be left to speculate on the reasons for the sudden and
unexpected exit of Mr Goodyear.


Having said that, lets take a look at the selection process adopted by
Temasek through which it appointed Mr Goodyear to take over Ms Ho Ching,
wife of Prime Minister Lee Hsien Loong, as Chief Executive from October 1st.


In the Parliamentary sitting of 4 March 2009, then-second Minister for
Finance, Mrs Lim Hwee Hua, stoutly defended Mr Goodyear's appointment. She
explained how Mr Goodyear came to be offered the position of CEO of Temasek:


Mr Charles Goodyear was identified and approached by the Temasek Board as
a potential CEO candidate in 2007. Once he agreed to be considered as a CEO
candidate, Mr Goodyear was interviewed by the Board members, individually
and as a group. The Board engaged with him for over a year before it
finalised its decision. Temasek picked Mr Goodyear as its next CEO because
its Board assessed that he was the best person for the job, based on merit..
The Board was also satisfied that he shares Temasek's values and is
committed to building long-term sustainable value.


As Temasek is a Fifth-Schedule Company under the Singapore Constitution,
Mr Goodyear's appointment both as a Board member and as a CEO successor was
subject to the concurrence of the President. Cabinet first discussed the
Temasek Board's nomination of Mr Goodyear. Cabinet decided that the
Government should have no objection to Temasek appointing a foreigner as CEO
if he was assessed by the Board to be suitable and the best candidate
available. Cabinet, therefore, endorsed Mr Goodyear's nomination, but also
reaffirmed the need for the Board of Temasek to remain in the effective
control of Singaporeans.


Temasek Board's recommendation was then put to the President for approval,
and the President met Mr Goodyear before giving his concurrence.
(Parliament)


So, the president, the cabinet and Temasek's Board of Directors all had a
hand in assessing and approving the appointment of Mr Goodyear over an
extended period of time. He was identified as a potential CEO in 2007 - two
years before he was offered and took up the job in March 2009.


In its news release on 6 February 2009, where Temasek announced Mr Goodyear's
appointment, its chairman, Mr S Dhanabalan, said: "Ho Ching has been
instrumental in bringing Chip on board. We have been working on this
appointment for more than a year." (Temasek website)


Less than three months before he was to replace Ms Ho Ching as CEO, Temasek
announces Mr Goodyear will no longer be its CEO come October 1st - and that
Ms Ho Ching will continue as its chief. The problems seem to have started
immediately after Mr Goodyear was designated as the new Temasek CEO.
According to the Associated Press, "Goodyear. had been working alongside
outgoing chief executive Ho Ching since March." One would imagine that in
the four months since, the two may not have got along as well as what has
been reported.


So, what happened?


The reason given by Temasek in its news release of 21 July 2009 said that
"there are differences regarding certain strategic issues that could not be
resolved." However, this runs counter to what Minister Lim had said, that
Goodyear "shares the values of Temasek and its position as a long-term
investor committed to delivering sustainable returns."


It therefore raises the question: Did not the president, the cabinet, Ms Ho
Ching and the BOA of Temasek ask Mr Goodyear about his strategy for Temasek
before appointing him as CEO? And what does Temasek mean by "strategic
issues? Did not Minister Lim say Goodyear "shares. the values" and its
long-term position?


More curiously, on 21 July, Ms Ho Ching said: "I am sorry he is unable to
continue with the leadership transition, and hope to complete the
initiatives that he has started."


If Temasek cannot reconcile Mr Goodyear's ideas on "strategic issues" with
its own, why is Ms Ho Ching going to "complete the initiatives" which
Goodyear started? What are these initiatives? And how sure is Temasek that
Ms Ho Ching is up to the tasks, given that she herself admitted, in
February, that "Chip brings capabilities that I don't have"? (Straits Times)


So, is there more to Mr Goodyear's departure than meets the eye?

The New York Times:

"This is not good news for Temasek," said Carl Linaburg, co-founder of the
Sovereign Wealth Fund Institute in Roseville, Calif., which tracks data on
the investment funds. "Prior to Chip's arrival, Ho Ching had been widely
criticized for Temasek's major losses in financials. Chip's departure makes
people wonder why Temasek can't seem to make firm decisions with sound
judgment, which is essential for managing the assets of a country."

Some have suggested that it is a clash of culture - according to the
Financial Times (FT):

". there has been intense speculation since Mr Goodyear's appointment was
announced about how he would deal with Temasek's senior management, and the
close-knit community of Singapore business executives in charge of the
Temasek-owned companies that dominate the city-state's corporate landscape.
These include Singapore Airlines, Singapore Telecommunications and DBS Bank.

Many observers said that Mr Goodyear might encounter a culture clash if he
attempted to shake up the management of Temasek and its affiliated
companies."

The FT also reported that "Nomura Securities, in a recent research report,
suggested that Mr Goodyear might increase Temasek's borrowings to make new
acquisitions in an effort to rebalance its portfolio. Such a move would have
been a break with Temasek's conservative cash management."

We will probably never know the true reasons for Goodyear's departure. But
perhaps that is not the real or important question we should ask. What
should be of concern to Singaporeans is the process of selection adopted by
Temasek and the seemingly rubber-stamp approval which the president and
cabinet gives to Temasek's actions. This is especially important given that
Temasek guards and invests billions of dollars which belong to Singaporeans,
which have resulted in monstrous losses in the past year or so.

Another important point to note is the question raised by Workers' Party
chairman, Ms Sylvia Lim, in Parliament in March. She had asked why the
hiring practice of the Civil Service, which restricts access to state
secrets to Singaporeans, was not applied to Temasek Holdings. (Parliament)

In her reply, Minister Lim said, "Temasek is not part of the Civil Service
or the public sector. It is a commercial company that is wholly-owned by
Government." Turning to Mr Goodyear's appointment, Minister Lim said, "As
Temasek CEO, Mr Goodyear would be privy to information about the company's
operations." Her only defence regarding the question of keeping state
secrets to Singaporeans was that Mr Goodyear is bound by the Official
Secrets Act (OSA). But as the WP chairman said, what good is the OSA given
the fact that Mr Goodyear may leave and never return to Singapore? "Does the
OSA really help us?" asked Ms Lim.

Minister Mentor Lee Kuan Yew has always rejected calls for Singapore's two
sovereign wealth funds - Temasek and the Government of Singapore Investment
Corporation (GIC) - to reveal its investments. Indeed, in a letter to the
Wall Street Journal on 27 June 2007, the press secretary to the Prime
Minister said "it is not in Singapore's interest to publish the details or
reveal their size." (Wall Street journal)

Mr Goodyear, now no longer taking up the CEO position, has such confidential
information about Temasek's investment strategy, as Minister Lim Hwee Hua
admitted in her parliamentary reply.

How will the government ensure that this is not used to compromise Temasek's
investment strategy, besides relying on the OSA, which may be useless
anyway?

'We hired the best," MM Lee said in June, referring to Mr Goodyear. (Source)

While Mr Goodyear's credentials may indeed be impeccable, perhaps the more
important question lies with the selection process itself. Clearly, despite
having been intensely interviewed by the president, the cabinet, the BOA of
Temasek and Ms Ho Ching herself, the exit of Mr Goodyear has shown that the
selection process has flaws.

And the flaw seem to be a fundamental one - the selection process failed to
determine Mr Goodyear's stand on "strategic issues" which Temasek now says
is the reason why he will no longer be chief.

As blogger Lucky Tan put it:

"Gee, nobody bothered to ask him about what his strategies were and his
views on key issues when he was interviewed for the job? Is that how we hire
people to manage billions of tax payers' money?"

Solar eclipse blocked by clouds

Will it also be blocked by clouds and rains in Singapore?

LHASA - Tibet’s Cona county was one of the first places in China to view the solar eclipse, which occurred at 8:01 a.m Wednesday, according to an observatory under the Chinese Academy of Sciences (CAS).

However, the solar view from Cona was blocked by overcast, according to sources from the CAS Purple Mountain Observatory based in Nanjing, eastern Jiangsu province.

The sun sunshine was blocked behind clouds in Lhasa, Tibet’s capital.

Singapore "worldclass" MRT broke down 92 times

From: Zanzibar
Date: Tue, 21 Jul 2009 09:16:34 -0700 (PDT)
Local: Wed, Jul 22 2009 12:16 am
Subject: Re: Singapore "worldclass" MRT broke down 92 times

On Jul 21, 1:56 pm, "truth" wrote:

The claim they made that their breakdown rate is consistent with
industry standard. But they did not say which industry standard they
used, and what was their ranking from it.

They should have showed to the public in a transparent way as to how
their standard of maintainance was carried out in comparson to other
countries like, say, Japan.

Japan has a very reliable train system. It is not the reliable train
system per se, but the reliable maintenance system per se. Japan has a
very good set of maintenance system in place.

Although a good operating systeml of the maintenance is important, but
the key to everything is not just academic knowledge of the train
system, but a set of high-trained people from engineer to technicians
with the set skils to ensure the work is maintained and repaired
correctly and accurately.

Singapore unfortunately has failed in developing its people on this.
This was caused by "importing of cheaper labour" held by them. This is
systemic failure can be seen now already. 15 years ago this problem
began to show up. But no leader heed it.

Temasek is a JOKE

From: Zanzibar
Date: Tue, 21 Jul 2009 09:26:13 -0700 (PDT)
Local: Wed, Jul 22 2009 12:26 am
Subject: Re: Temasek is a JOKE

On Jul 22, 12:00 am, "truth" wrote:

> What type of organisation is this ? Flip flop on investment
> decisions. Flip flop on ceo appointment.
> Temasek is a JOKE.

This guy was supposed to be the fall guy to take the "pan cake
beating" Not only that, he maybe has seen something or that he cannot
not agree to "eating" it, or that he saw something which he was not
supposed to "see". And maybe now he was asked to go.

When was the last time Temasek was in the headlines? That was the time
it was revealed that Temasek has sold all the shares in Americans
banks to invest in developing economies. Most likely the decisions had
not gone well with Goodyears and now see what happened? Citi,
Merrillyn etc have done well in terms of share prices.

Most likely santa was the one who came out with this new formula 4 - 4 -2
( or something like that) and most like they had lost billions in emerging
markets by now too. Goodyears would not want to be associated with
this money losing scheme from santa

Newsgroups: soc.culture.singapore
From: hu
Date: Tue, 21 Jul 2009 21:31:35 -0700 (PDT)
Local: Wed, Jul 22 2009 12:31 pm
Subject: Re: Temasek is a JOKE

On Jul 22, 12:00 am, "truth" wrote:

Probably Goodyear found out he was set up to take the blame for all
that gone wrong with Temasek under Dowager Ho Jinx. Question is how
much was paid to this fella for breaking his contract. Was he bounded
with a non disclosure agreement?

From: Superbee
Date: Tue, 21 Jul 2009 21:33:14 -0700 (PDT)
Local: Wed, Jul 22 2009 12:33 pm
Subject: Re: Temasek is a JOKE

On Jul 22, 12:19 pm, .•:*¨¨*:•. ® George Ramayah ™ .•:*¨¨*:•.

wrote:
> On Jul 22, 12:00 am, "truth" wrote:

> > What type of organisation is this ? Flip flop on investment
> > decisions. Flip flop on ceo appointment.
> > Temasek is a JOKE.

> When was the last time Temasek was in the headlines? That was the time
> it was revealed that Temasek has sold all the shares in Americans
> banks to invest in developing economies. Most likely the decisions had
> not gone well with Goodyears and now see what happened? Citi,
> Merrillyn etc have done well in terms of share prices. Most likely
> santa was the one who came out with this new formula 4 - 4 -2 ( or
> something like that) and most like they had lost billions in emerging
> markets by now too. Goodyears would not want to be associated with
> this money losing scheme from santa

Most likely Goodyear was asked to leave because the Board has major
difference with strategic issues. Now Goodyear say Goodbye and Ho
Ching says "Ching Ho"!

Intentionally or not, Goodyear had been a proxy shelter for the fall-
outs. Temasek has lost much credibility in the comic episode.
Dedefining long term as "shock" term with massive loss. Having spent a
year and I don't know how much money to look for the Goodyear guy and
then reversing it does not speak well of the management no matter how
you look at it.

Ho Ching cannot be replaced as Temasek CEO

From: Superbee
Date: Tue, 21 Jul 2009 03:26:10 -0700 (PDT)
Local: Tues, Jul 21 2009 6:26 pm
Subject: Ho Ching to remain Temasek CEO

Ho Ching to remain Temasek CEO
Posted: 21 July 2009 1756 hrs

Singapore: Temasek Holdings and Mr Charles (“Chip”) W. Goodyear have
mutually agree not to proceed with the CEO appointment that was to
have taken effect on 1 October 2009.

Mr Goodyear was appointed a Member of the Board of Directors of
Temasek Holdings (Private) Limited on 1 February and CEO-Designate on
1 March to to succeed Ms Ho Ching as CEO.

In a news release issued Tuesday evening, Temasek said that four
months into the leadership transition, the Board and Mr Goodyear
concluded and accepted that there are differences regarding certain
strategic issues that could not be resolved.

In light of the differences, both parties decided that it is in their
mutual interests to terminate the leadership transition process and
hence the executive relationship with effect from 15 August 2009.

Mr Goodyear will also step down from the Temasek Board effective the
same date.

From: yansimon52
Date: Tue, 21 Jul 2009 03:56:14 -0700 (PDT)
Local: Tues, Jul 21 2009 6:56 pm
Subject: Re: Ho Ching to remain Temasek CEO

On Jul 21, 6:26 pm, Superbee wrote:

Look likes Temasek won't be having no more 'goodyear' ahead of
them...combine with the 'Ho Jinx'........LOL......


From: "Grandprix"
Date: Tue, 21 Jul 2009 22:23:44 +0800
Local: Tues, Jul 21 2009 10:23 pm
Subject: Re: Ho Ching to remain Temasek CEO

How can we entrust so much of our money to a foreigner? Cannot lah.
Absolutely no logic. I am sure our educational system must have produced
some very gifted guys (who had scored perfect scores for PSLE, O level, A
level, NUS) who are able to beat anybody in the world; if we give them a
damn good year. Up, up Singapore! No need to look to Ang Mohs or Indians.


From: "AleXX"
Date: Wed, 22 Jul 2009 01:02:24 +0800
Local: Wed, Jul 22 2009 1:02 am
Subject: Re: Ho Ching to remain Temasek CEO

Ho Jinz to Mr. Goodyear: You must lose as much money as possible.
Mr. Goodyear barks back: Why should a "private" government company keep on
losing money.
Ho Jinz to Mr. Goodyear: If you don't lose, then please fuck off.

From: b...@b.com (Polar Bear)
Date: Wed, 22 Jul 2009 02:43:59 GMT
Local: Wed, Jul 22 2009 10:43 am
Subject: Re: Ho Ching to remain Temasek CEO

Goodyear does not want to be the one to reveal more hidden losses?

Chip Goodyear rejects Temasek CEO appointment

Temasek and Charles Goodyear agree not to proceed with CEO appointment
Yesterday, 21 July, 2009, 5:56:00 PM
SINGAPORE: Temasek Holdings and Charles ("Chip") W. Goodyear have mutually agreed not to proceed with the CEO appointment that was to have taken effect on 1 October 2009.

LKY failed to make Singapore a nation

You are wrong. LKY had made Singapore a nation full of Permanent Residents
and a Foreigners' paradise.

"truth" wrote in message

> In his own words, LKY admitted that Singapore is still
> NOT a nation.
> Gee, for 50 years what has LKY been doing.
> He must have been enjoying his power and $billions so
> much until he forgot about nation building.

PR treated better than Singaporean

From: "lobert"
Date: Sun, 19 Jul 2009 19:27:01 +0800
Local: Sun, Jul 19 2009 7:27 pm
Subject: Re: PR treated better than Singaporean

Mr. Tooth

I think you are right.
You are much nearer to the tooth now.

"truth" wrote in message

> PR = Priviledge Resident.
> Singaporean = Exploited Resident
> Therefore PR better than Singaporean.

Fined $30 for eating sweet in MRT

A woman was fined $30 for having a piece of sweet in her mouth by an MRT
officer. She broke the rule that disallows eating and drinking on the MRT.

But let me ask you why is eating and drinking not permitted on the MRT
train? It is disallowed in Hong Kong, Singapore and Taipei but permitted in
Japan. The reason for not allowing people to eat and drink on trains is they
might drop or spill what ever they are consuming and dirty the train - it is
not eating or drinking itself that is the problem but intentional or
unintentional littering. The woman in the video has technically violated the
no eating rule but the chance of a piece of sweet falling from out of a
person's mouth onto the the train is zero. The officer enforced the law
rigidly without any regard to the spirit of the law. I wonder if breast
feeding is allowed on the MRT or they will go ahead fine the 3 month old
baby.

This reminds me of the story about a family that was detained at the Changi
Airport for saying word "bomb" twice. They were on their way to Australia
for a holiday. The child asked the mom why people were made to take off
their shoes at the security checkpoint. The mom explained that they had to
check for bombs. The security officers who were trained to detain people
using the word "bomb" twice heard that and the family had to miss their
holiday in Darwin. [Story in detail here].

What is more important than rules are the reasons behind the rules. We will
have better citizens and smarter workers if they are brought up to question
the logic behind the rules they are asked to follow.

Race is sensitive here,or Xinjiang?

From: Frankie Lee
Date: Fri, 17 Jul 2009 22:15:00 -0700 (PDT)
Subject: Race is sensitive here,or Xinjiang?

The Paper today again echoes about how race is a very sensitive issue.

After many governments spend so much money educating those Islamic
people,hoping that they just don't learn and live only in
Madrassahs,or be incited by Mullahs,still these group of people are
always hyper sensitive,and very backwards in a civilized society,just
as Samuel Huntington predicted that they would,and they will clash
with civilizations,so it is not strange that they made a complaints
against civilized Christians,and sent them to jail over some articles
which they cannot tolerate--and our Judge will learn from me that
this is a tolerant society,and we shouldn't be so sensitive like the
Xinjian people or they would be riots;we had one remember?

It is not the civilised people who should bore the blames but the
uncivilised crooked beliefs of the proven defects of the seven
centuries,which is always reporting others over some dog's thing and
decent Singaporean got into troubles because slanderers always had the
upper hand over truths and justice.

After Samuel's articles,and he declared that they would clash with
civilizations,it has been proven without a shadow of doubts that they
are the trouble makers wherever they are.

Instead of discouraging those silly complaints against the two
Christians who pass out some articles,by jailing that nut who reported
them;so as to send the message to all Singaporean that we are a
tolerant society,and we must learn to live with harmony,instead the
culprits gets away and the two upright and honest Christians went to
lengthy court trials over what their childish tantrums were.

Instead of teaching tolerant here,many folks prefer to stoke the wrath
of Christians here,and hope to tell the world that they are a superior
race,making things more divisive than ever,do it all in the name of
silencing dissent,but getting more dissent.It was so offensive that
our food is subjected Halal,and we have to respect them of their
Special courts,and they are preferred over us,making the message known
that their words and Jihad count where the rest are fools.

Xinjain riots is nothing new but a real lessons to learn.We are living
in a tolerant society where everyone has their differences and we
don't go at great length to persecute people so as to cause society to
become more divisive.Racial Harmony meant we should respect other
people's religion and race,and we don't make a mountain over a
molehill,and we should discourage those who make little reports,and
fine them which is more appropriate;otherwise small reports will
spring up everywhere.

By letting a small matter to rest will shield away much troubles on
our land,otherwise everywhere will be hot spot.

I believe in a tolerant society,and I don't mind be subjected to
tasteless food and low priority,and giving them time off to their
prayers and ensure that their food is better prepared than the Chinese
food then in Army,or enjoy their company.It is time to teach them what
is a real world ,and like what GCT said,they just cannot be always in
Madrassahs for the facts that..which many Madrassahs give birth to
terrorists.

The riots in Indonesia when Suharto was deposed was real,and Chinese
were targeted.

Lim Bo Seng's Grave found

From: "truth"
Date: Wed, 15 Jul 2009 09:19:35 GMT
Local: Wed, Jul 15 2009 5:19 pm
Subject: Why pap Leegime did not honour a genuine Singaporean hero ?

truth comment: dr. lim boh seng is a genuine singaporean
hero who headed the resistence movement against the
japanese during ww2 and paid his courageous and patriotic
efforts with his life. while lim boh seng was organising
singaporeans resistence to the wicked japanese occupiers,
lee kuan yew and s r nathan were working hand in glove
with the japanese military command. lim boh seng must
be suppressed in order not to make lee kuan yew and
s r nathan look like enemies to singaporeans. that is why
even his grave is neglected. i wonder whether the pap
written history book even mentioned his name.

SINCE reports were published in the press about war hero Lim Bo Seng's grave
in MacRitchie Reservoir Park, many have tried to visit the site.

As a regular user of the park's fitness corner, I have been approached on
many occasions by visitors seeking direction to the burial site.

It would be helpful to set up signs to guide people to Lim's grave.

Perhaps the authorities should make the grave a historical attraction and
promote it to tourists as a place of interest.

Erecting a plaque with a brief biography of the war hero would be
informative not only for tourists and visitors, but also for school children
should schools plan excursions to Lim's grave.

Zanetta Sit Leaked Pics Scandal

So you are into Singaporean celebrity sex scandals with naked models you see on local Singapore TV? On Singapore Channel 5 to be a bit more precise and the show is Deal Or No Deal. Her name is Zanetta Joan Sit a.k.a. Miss Sit and she is a beauty with brains. A perfect student on the outside, Singapore law scholar, with a double master at Lee Kuan Yew School of Public Policy. She is the picture perfect girl of the law school's ad campaign. I am not sure whether to call this NUS student sex scandal or Singaporean Deal or no Deal model sex scandal. She has an amazing body and the best innocent girl orgasm face ever! Modeled quite a bit, and was on the second season of Singapore's Deal or no Deal, number 14. The Deal Or No Deal Singapore official website describe her:

http://singapore-scandals.blogspot.com

Calvin Cheng is a disgrace to Singaporeans

From: "truth"
Date: Tue, 14 Jul 2009 03:40:50 GMT
Local: Tues, Jul 14 2009 11:40 am
Subject: Calvin Cheng is a disgrace to Singaporeans

Written by Ng E-Jay
14 July 2009

New Nominated Member of Parliament (NMP) Calvin Cheng has written an
atrocious letter to TODAY newspaper betraying not only his absence of a
sense of accountability, but also his complete lack of political acumen. I
am truly shocked by his letter.

In his online letter entitled "I am curious all the time", Calvin Cheng
attempted to rebut TODAY journalist P.N. Balji's assertion in a column
published on 11 July that he had joined the YPAP in a rather cavalier and
whimsical manner in 2006.

Calvin Cheng had earlier confessed to joining the Youth Wing of the ruling
party three years ago out of "curiosity". These were his exact words as
quoted in a TODAY article: "I joined YPAP in 2006 when I visited the Teck
Ghee PAP branch with a friend, and I signed up out of curiosity. Due to many
reasons, I never returned."

This prompted journalist P.N. Balji to ask if this "curiosity episode"
should be dismissed as a case of boyish candour, and to assert that the
burden is now on Calvin Cheng to prove to Singaporeans that the decision by
the Special Select Committee to pick him was not misplaced.

However, Calvin Cheng ended up shooting himself in the foot in his response
to P.N. Balji's missive.

To start off, Calvin Cheng tried to deflect scrutiny from his YPAP
membership by claiming that he had intended to resign from the party last
Tuesday after the new NMP list had been released, and not only after his
YPAP membership was exposed by TODAY newspaper.

Mr Cheng is missing the point. If NMPs are truly supposed to be
non-partisan, he should have resigned from the party upon submitting his
application to become an NMP, not only after the results are out.

That the Select Committee would entertain applicants from current members of
political parties also makes a mockery of their claim that NMPs are meant to
be non-partisan voices in Parliament.

Even an aspiring Elected President must resign from any political party
which he is a member of before submitting his candidacy for consideration.

Next, Calvin Cheng launched into a long-winded thesis about the nature of
human curiosity that would have made for good bed time reading had it not
been so utterly constipated.

Mr Cheng is completely missing the point again. TODAY journalist P.N. Balji
was not questioning the virtue of being curious or having the drive to seek
out new knowledge. He was questioning Calvin Cheng's motivation to join a
political party and what that said about his character.

Besides, what kind of curiosity would drive a man like Calvin Cheng to join
an organization only after one visit and then fail to even pick up his
membership card?

Does this not speak volumes about Mr Cheng's ability to sustain a new
interest or to see things through to the end?

I am truly amazed at Calvin Cheng's lack of a sense of accountability as
well as his almost complete lack of political acumen.

The current batch of new NMPs is truly disappointing. People like Siew Kum
Hong who really provided alternative views and were hard hitting when they
needed to be are now gone, replaced instead by people are not ashamed to
parade their PAP affliations and say that they look up to MM Lee Kuan Yew
whilst trumpeting the tired refrain that they are non-partisan.

If the ruling PAP is willing to hold free and fair elections, we would not
need to place so much increased emphasis on schemes like the NMP and NCMP to
provide alternative voices in Parliament.

It is time to stop the charade about Singapore being a democracy because the
PAP allows non-party members to enter Parliament on terms which it sets. If
Singapore is a real democracy, we would not need such gimmicks, and neither
would the media feel the need to trumpet such propaganda over and over
again.

---------------------------------------------------------------------------­-----

I am curious all the time
Letter from Calvin Cheng, published in TODAY Online
13 July 2009

I refer to Mr P N Balji's piece "My, My. Mr. Cheng" (July 11-12).

Firstly, I would like to clarify that I did not resign as a reaction to
TODAY's reporting, as the statement "only after a TODAY report highlighted
the issue on Wednesday" seems to imply.

As I told TODAY, and as TODAY reported, when I was called on Tuesday night,
I was already going to resign; shortly after, on the same night, I verbally
told Mr. Teo Ser Luck, Chairman of Young PAP of my intention to resign.

Due to the fact that offices were already closed, and also a technical issue
about the exact status of my membership (whether I was a member of the
General Branch or of the Teck Ghee Branch), I was only able to email my
resignation the very next morning on Wednesday. This, including my verbal
resignation before the article was printed, was conveyed to TODAY's reporter
the night before Wednesday's report.

Secondly, Mr Balji was right that I sincerely believed, and still do, that
being completely upfront to the Select Committee of my party membership was
sufficient. This is because as I was inactive, I was confident that it will
not in any way affect my ability to be impartial, objective and
non-partisan. I have now resigned to remove any residual doubts of this.

Thirdly, I do feel the burden to prove to Singaporeans that my selection was
not misplaced, a burden that I would feel regardless of this issue.

I am however writing most of all, in response to Mr Balji's assertion, that
my initial decision to join the Young PAP out of curiosity, was "cavalier"
and on a "whim".

I am curious how curiosity could be construed to be whimsical, and how
something which I believe to be one of the most important faculties of the
human intellect, could be seen as cavalier.

I am curious all the time. I am curious because curiosity, to me, is the
basis of all human inquiry, the foundation of any quest to seek knowledge. I
am curious because I want to learn new things, to find out things that are
unknown to me, to quench a thirst for new information.

I am curious because I believe that curiosity must form the foundation of
education, and it is the one thing that formal education can sometimes kill,
and which Singaporean educators must avoid.

I am curious because it was curiosity that led Ferdinand Magellan to lead
the first expedition around the world, of Albert Einstein to seek to unravel
the mysteries of the universe, to inspire the Wright brothers to ask and
answer the question of whether man could fly; it was curiosity that led to
mankind going to the moon. And even if an explorer, a scientist, an inventor
or an astronaut I am not, I hope any child that could still be, would
cultivate curiosity in their minds.

I am curious whenever I meet any new person, as he could perhaps become a
lifelong friend; getting to know this person is the only way I can tell. And
perhaps as a single man, I hope upon hope that Casanova was right when he
said that 'Love is three quarters curiosity'.

I am curious that Mr Balji does not hold curiosity as a more precious value,
especially because in journalism, it is the yearning to keep questioning
that should be the motivation of any good journalist. The French journalist
Anatole France, who won the Nobel Prize for Literature in 1921, said 'The
greatest virtue of man is perhaps curiosity'. I hope he is right.

When I signed up with the Young PAP out of curiosity, I genuinely wanted to
find out more. By no means was it cavalier, or whimsical; unfortunately,
circumstances prevented me from doing so. I am curious about what may have
happened, if they hadn't, but on the other hand it was no bad thing that I
got busy with civic groups instead; civic groups that initial curiosity led
to eventual involvement (with).

It is this same curiosity that I hope I will bring with me to Parliament as
a Nominated Member, to question things as often, and as impartially and
objectively as I can.

EM Foster wrote, "The four characteristics of humanism are curiosity, a free
mind, belief in good taste, and belief in the human race." Some of my
friends would say my taste is suspect, but I sincerely hope I have the other
three.

Good news - Singapore's economy grew "suddenly"

Languishing? There are always industries that are languishing even during good times with strong bull markets.

From: "David Teo dresorz"
Date: Tue, 14 Jul 2009 23:07:58 +0800
Local: Tues, Jul 14 2009 11:07 pm
Subject: Re: Good news - Singapore's economy grew "suddenly"

I think it is mainly contributed by the pharma sector. Most are still
languishing and trying to survive.
dt


"lobert" wrote in message

> It is time for Singapore Tax Officer to grind and sharpen their tax-axe
> again. The Singapore's economy suddenly "grew" by 20% out from nowhere.
> Check this out from the government's propaganda news media.
> http://business.asiaone.com/Business/News/Story/A1Story20090714-15472...

What keeps Lee Kuan Yew alive?

From: "lobert"
Date: Sun, 12 Jul 2009 16:08:28 +0800
Local: Sun, Jul 12 2009 4:08 pm
Subject: What keeps Lee Kuan Yew alive?


But money stashing and hoarding kept Lee Kuan Yew alive at the age of 86.

Singapore claimed to have the "busiest" port in the world

From: yansimon52
Date: Sun, 12 Jul 2009 03:35:00 -0700 (PDT)
Subject: Re: Singapore claimed to have the "busiest" seaport

On Jul 12, 6:24 pm, publeak wrote:


> When you can make money from car parks the same applies to ships.
> Ships pay similar charges according to their capacity there are other
> services like fuel and fresh water supply.
> Its good business for the ports.


Later on MPA would upgrade the coastal areas and increase bberthing
charges....just like what they did the upgrading to Market Street
multi storey carpark...

DBS sued by angry customers over investment loss

SINGAPORE, July 10 (Reuters) - More than 200 customershave sued Singapore’s DBS Bank in a bid to recover investment losses arising from the collapse of U.S. investment bank Lehman Brothers.

Siraj Omar, a director at Premier Law, told Reuters on Friday his firm had filed a claim on behalf of 204 investors in a Singapore court. He declined to discuss the case or reveal the size of the claim, which according to the Straits Times newspaper was around S$17 million ($11.6 million).

The investors had purchased a callable basket of credit-linked notes, called High Notes 5, from DBS Bank, a unit of DBS Group, Omar said.


A DBS spokeswoman confirmed receipt of the claim. She said the suit was without merit and that DBS planned to contest the suit, which is the first involving the bank’s High Notes 5 product.

News of the lawsuit had almost no impact on shares of DBS Group, which were up 0.4 percent on Friday morning at S$11.58 in a generally flat stock market.

Financial institutions around the world have been hit by complaints and lawsuits arising from the sale of interest-bearing structured products linked to Lehman that paid higher interest rates than regular savings deposits.

For example, a class action suit was launched in November against UBS in the United States that alleged the Swiss bank had sold Lehman-linked notes as suitable for investors seeking to protect their principal investment.

News of the suit against DBS comes three days after Singapore’s central bank banned DBS and nine other firms from selling structured notes, citing various issues, such as their failure to adequately train the staff who sold such products.

According to a report released by the Monetary Authority of Singapore (MAS), DBS which received the shortest ban of six months, had sold over S$100 million worth of High Notes 5 to 1,083 investors that became worthless after Lehman’s collapse.

The bank has to-date paid about S$7.6 million in compensation, the central bank’s report said.

MAS said the failings identified in its investigations “do not automatically mean that the financial institutions are liable to individual investors.”

Where to Learn Qigong in Singapore?

From: Dalai Balu
Date: Sat, 27 Jun 2009 08:19:21 +0800
Local: Sat, Jun 27 2009 8:19 am
Subject: Where to Learn Qigong in Singapore?

1. Wudang Sheng Hong @15 Arumugam Rd: $12/yr taught by taoist priests
direct from Wudang Mountains........ great facilities and mgmt; last
recruitment NOW. Hurry if you want to be counted,

2. Shaolin Qigong Serangoon North Ave 2 (or 3??): $25/mth - good
stuff,

3. Master Ge in Marine Parade: $250 for qigong; best in ba gua zhang
and swordplay; fellow student with Jet Li; mobile = 90253887,

4. Richard, an expert in qigong & taiji: small gathering behind Mc
Donald's in East Coast Park - in front of the sea; Tues & Fri 9-11am
only; Master Richard is lineage holder of Yap Bor Lin,

5. World Nam Wah Taijigong Association at 6C Lorong 7: $300 for qigong
- profit if any, goes to bona fide association; founded by Sim Pooh
Ho,

6. World Nam Wah Pai XXXX Association ??? at 9 Lorong 29: $1000 for 8
weeks qigong, thereafter $1000 for Yang taiji + $1700 (first year)
push hands; founded by Sim Pooh Ho 45 yrs ago but now helmed by his
youngest brother... apa nama?

What is your choice?

Going will be very tough for Singapore casino

From: yansimon52
Date: Fri, 10 Jul 2009 18:55:08 -0700 (PDT)
Local: Sat, Jul 11 2009 9:55 am
Subject: Re: Going will be very tough for Singapore casino

On Jul 10, 9:50 pm, "truth" wrote:

> No doubt about it. There is no way the two Singapore
> casinos can escape the drastic downturn in the gambling
> industry.
> No amount of pap Leegime and state-controlled media
> propaganda will help.
> These two casinos will bleed the owners to near death
> when the pap Leegime will have to step in to rescue them
> with Singaporeans' money.

On this I totally agree with you.....,common 'man........Genting 40
yrs survival is largely due to their environment (ie. the changes of
environment .ie. cool climate)....and the support of the malaysian
chinese gambler coming from all all the malaysian states....right up
to the east malaysian side.......can say that their population of 17
million malaysian are able to support the survival of Genting
comparing to 4 million sgian will be supporting this not 1 but 2
casinos.
Presently, Genting not only depend on casino taking for
survival......they got 4000 plus rooms and that is another source of
income foe Genting.....almost every weekend packed with
tourist..beside the usual asian tourist (ie. thai, Indon,sgian and
china)....nowadays, they got Indian and middle eastern patronising
Genting

Eventhough Genting got a very large pool of tourist patronising them
when you gamble during one of the weekday's nite @ 3am........out of
10 tables they (Genting) closed 8 tables.....reason is.......no
players around to justify all tables to be opened.

Sg........a tiny island with 4 million ppl and a new kid on the block
in this casino biz........and with 2 casinos opening soon......you
think sgian got alot of money to gamble there meh?.....halo....to
gamble at casino hor.........you must bring 'cash' lor........you
think can gamble on credit meh?

As one can see that........nowadays, due to the slow economy....every
average and below average sgian.......all waiting for the govt to
handle out money lar............if not all, sooner or later got to
hang around the void deck.....even avoid sitting at coffeeshop
lar.........cos, sitting at coffeeshop got to pay for the cup of
coffee lar.

In this situation, you think those ah peks and ah sohs got money to
gamble at casino ah?

Don't believe....just go around at nite with loudspeaker at Toa Payoh
and shout.......'.halo who want to gamble'................hardly ppl
respond lar........well, most chinese want to gamble......but where


From: Zanzibar
Date: Fri, 10 Jul 2009 19:29:06 -0700 (PDT)
Local: Sat, Jul 11 2009 10:29 am
Subject: Re: Going will be very tough for Singapore casino

On Jul 10, 9:50 pm, "truth" wrote:

Time changed. The seas of events had changed our lives. Our wants and
needs have changed. The excitement of having some fun of gong to the
casino in style is over. The thrill of ringing jackpot machines is
lost. The idea of making money from casino is lost, too. People lives
have changed. Wants and Needs are different now and are in differrent
priorities.

Singapore's perrienal problem of being identified as the only country
with unstable economic problems - recession in and recession out,
makes singaporeans jitters with "fear" and foreign talents "worries"
about Singapore's instability of jobs and no income and no salaries
and no social benefit and flat being downgraded by foced sales, etc.
All these are hugh "fear making problems" in comparsion to other
nearby countries. In short casinos will not save our country.


From: baldeagle
Date: Fri, 10 Jul 2009 19:53:05 -0700 (PDT)
Local: Sat, Jul 11 2009 10:53 am
Subject: Re: Going will be very tough for Singapore casino

Times have changed...but the character of people don't change..

Two behaviour trait in human have not changed for thousands
of years....lust (sex), and greed (gambling). That the reasons why
prostitution and gambling had existed from early days...Prositution
and gambling will not be with us until the end of mankind.

In good time, people gamble for the fun of it...in bad times more
people will gamble...try their luck.

The casinos will survive...but the resort hotels and spas...and
venues for high life may not survive.

Singapore Universities are meant for foreigners

From: "lobert"
Date: Sat, 11 Jul 2009 10:48:25 +0800
Local: Sat, Jul 11 2009 10:48 am
Subject: Singapore Universities are meant for foreigners

Get this straight. Singaporeans are treated second class when they apply for
an University place. Foreigners are given first place with scholarship and
100% free board and lodging. Do you people vote for the PAP government to be
treated like dogs and ass holes?

"I REFER to Mr Michael Koo's letter yesterday, 'University admission criteria need to be clearer'.

The Government's policy of giving university admission to talented overseas students is good. These overseas students raise the standards of our universities, provide diversity and contribute to the growth of our economy. To pursue foreign talent (permanent residents included), the Government must create additional university places.

All citizens who qualify for admission to a local university based on a set of criteria should be given the opportunity to study there.

In cases like Mr Koo's daughter, even if parents can afford to send their children overseas, it becomes a more expensive alternative in tertiary education. For those who cannot afford it, the policy deprives their children of a university education.

The Ministry of Education should also clarify its position on tertiary education subsidies. Many good students choose to pursue a university education (subsidised education) via the polytechnic (subsidised education) route. Are we providing dual subsidies to these students? Will this defeat the polytechnics' mission of building technocrats for industry, and will the polytechnics become pre-university colleges one day?

Kwa Ser Koon "

This is the type of character the pap wanted and recruited

From: "truth"
Date: Sat, 11 Jul 2009 03:07:13 GMT
Local: Sat, Jul 11 2009 11:07 am
Subject: This is the type of character the pap wanted and recruited

truth: these pap type are never serious. they are opportunists.
sad thing is these are the people who are holding top office
now. smart, opportunistic, no integrity, no compassion, no
commitment and no good character.
http://www.todayonline.com/Singapore/EDC090711-0000095/POINT-OF-VIEWM...
What does joining Young PAP out of curiosity say about the NMP aspirant?

IN A country where lines get blurred in so many areas, Nominated MP aspirant
Calvin Cheng's decision not to resign his Young PAP membership the moment he
launched his bid to enter Parliament is understandable.

If those lines were clearly drawn into our collective DNA, I am quite sure
Mr Cheng would have officially cut his links with the youth wing of the
ruling party the moment he had made up his mind that he wanted to enter
Parliament.

He did that only after a Today report highlighted the issue on Wednesday.

This 34-year-old media entrepreneur must have felt all that was needed was
to be honest and upfront with the high-level committee that sifts through
NMP applications and picks people it thinks will make a contribution to
debate in Parliament. Mr Cheng says that he told the committee he was an
"inactive member" and that the committee did not question him on this.

In defending his decision subsequently, he said his Young PAP membership
expired two years after he joined the political organisation in 2006 and
that he never even bothered to pick up his membership card. Now here is the
real rub. He joined the Young PAP out of ... you need to be ready for this
word ... curiosity.

Let me quote from a letter he wrote to Today: "I joined YPAP in 2006 when I
visited the Teck Ghee PAP branch with a friend, and I signed up out of
curiosity. Due to many reasons, I never returned."

My, my ... what does this say of this intelligent young man who graduated
from Oxford and wants to be a member of the highest and most august chamber
in Singapore?

Shall we dismiss this curiosity episode as a case of boyish candour?

I would have not bothered much if Mr Cheng had added this line in his
letter: Looking back, I realise how wrong I was to treat my application to
join an organisation like the YPAP in such a cavalier manner.

The burden is now on Mr Cheng; he has to prove to Singaporeans that the
decision by the Special Select Committee, which includes two ministers and
several backbenchers, to pick him is not misplaced.

As for the Young PAP, perhaps it needs to make sure that the people who want
to join it do so for the right reasons and not for whimsical reasons like
curiosity.

Change in property tax law

From: "truth"
Date: Fri, 10 Jul 2009 12:52:54 GMT
Local: Fri, Jul 10 2009 8:52 pm
Subject: Change in property tax law

If the pap Leegime has no intention of enforcing the proposed
new law on property tax, why enact it into law in the first place.
These pap assholes just want to preserve the ambiguity so that
they can hantam those they targetted.
Do u feel secure and safe operating in such a whipsy whashy
regime ?
When they need the speculators to help drive up property
prices to help them out of the mess they created, they said
it will not be enforced.
When the property market is hot and they want to cool it down
they will whack u. So better watch out.
Remember the case a few years ago when their revenue fell.
To shore up their revenue they dig hard into a few cases and
out of the blue a number of them find that they have to pay
the tax department $millions of unpaid taxes. Some were
even penalised for hiding their income. Do u feel safe operating
under such discretionary regime ?

PAP MPs got no balls to fight in single constituency

From: Damned-Virus-Data Miner providers
Date: Mon, 6 Jul 2009 22:19:49 -0700 (PDT)
Local: Tues, Jul 7 2009 1:19 pm
Subject: Re: pap mps got no balls to fight in single constituency

On Jul 6, 10:21 pm, "truth" wrote:

> http://www.sgpolitics.net/?p=3353
> Fresh From the Oven
> 06 July 2009

> The fact that Group Representation Constituencies (GRCs) are used by the
> ruling party merely as a tool of gerrymandering was alluded to by PAP MP
> Charles Chong on Sunday, when he figuratively ducked behind K. Shanmugam's
> pants upon hearing a suggestion by one of his residents that he stand in a
> Single Member Constituency (SMC) next election.

> Mr Sunny Wong, a resident at Pasir Ris-Punggol GRC, had suggested during a
> dialogue session that a single seat be carved out from the GRC so that his
> Member of Parliament, Charles Chong, could "fight solo".

> Before Law Minister and Second Home Affairs Minister K. Shanmugam, who is
> also an MP at the same GRC, could respond, Charles Chong hurriedly deflected
> the suggestion as if it were a bombshell, saying: "Frankly, I think you give
> me more credit than I deserve, but I'm very comfortable in a GRC." (Straits
> Times, "Resident suggests single-seat ward", 06 July 2009.)

> The way Charles Chong cringed at the suggestion shows that he has no
> confidence of standing on his own, and that he has to rely on his
> heavyweight partner K. Shanmugam to bring him into Parliament. In other
> words, he has implicitly admitted that he is gaining entry into Parliament
> by riding on the backs of others rather than on his own electoral support.
> That is shameful.

> Earlier in January this year, when permanent secretary at the Environment
> and Water Resources Ministry Tan Yong Soon drew flak for bragging about his
> five-week cooking course in Paris, Charles Chong called those critics
> "lesser mortals". (See here.)

> As a result, Charles Chong himself drew sharp criticism for being elitist
> and demeaning towards the electorate.

> Prime Minister Lee Hsien Loong had remarked in a Parliamentary session in
> May that there will be three more single seats at the next polls, raising
> the number from nine to 12.

> I wonder if some relatively inexperienced PAP MPs, like Charles Chong, are
> wobbling in their pants right now, at the prospect of being fielded as
> single-seat candidates, without enjoying the protective umbrella of a
> Minister.

> Opposition MPs like Low Thia Khiang and Chiam See Tong have been winning
> elections in single-member wards many times over. It must utterly scare some
> young PAP MPs to imagine that may have to do likewise for the next election.


run whatever they decide to do....no choice....like shu shang diao
ping guo jiu shi ping gou,
diao bu tao jiu shi bu tao....diao lan cheng jiu shi lan cheng, isn't
it?

Lee Kuan Yew where is the golden era

From: "truth"
Date: Wed, 08 Jul 2009 13:22:44 GMT
Local: Wed, Jul 8 2009 9:22 pm
Subject: Re: Lee Kuan Yew, where is the golden era ?

Lee Kuan Yew don't have much time more to
fulfill his promise to Singaporeans.
He better act fast. Release the $billions he has
hoarded away to help suffering Singaporeans.

"WanChonRen" wrote in message

> Be patient, the "Golden Era" is coming. (Akan Datang)
> Sir Stamford Raffles founded Singapore.
> He built Singapore up from scratch.
> Without him, Singapore might remain a world class global fishing village.

> "truth" wrote in message
> news:%HX4m.3447$ze1.1777@news-server.bigpond.net.au...
>> Singaporeans should vehemently ask Lee Kuan Yew
>> where is the golden era he promised them.
>> They should also ask him when will he keep up his
>> promised to them for the good life and secured retirment
>> in return for their votes.
>> Until Lee Kuan Yew delivers, he must be condemned as
>> a fraud and a cheat.
>> Average Singaporeans are suffering while Lee Kuan Yew
>> and his gangsters are enjoying their ultra luxurious lives
>> financed by the $millions they robbed from Singaporeans.

No quick global recovery - say Finance Minister

From: baldeagle
Date: Wed, 8 Jul 2009 06:59:49 -0700 (PDT)
Local: Wed, Jul 8 2009 9:59 pm
Subject: "No quick global recovery'. say Finance Minister of Singapore.. A truth NOT everyone will welcome

Tharman told the truth...about economic recovery...in Singapore and
around the world.

NO recovery...for at least 2 years...will be longer if you read the
figures given by him. A summary of what he said:

-- The world economy (except China and India) is still SHRINKING. (4%
in developed economies)
-- China will NOT be able to replace the loss of US consumption...It
may take at least 10 years for Chinese consumers to catch up with the
Americans...if at all. Demands has effectively sank by as much a 80%.
-- it will take at least 10 years for US consumers to return to the
level of high spending (pre-recession).

Tharman is NOT a politician...he should have , like the US treasury
secretary....paint a rosy picture...about the
economy.

The Wisdom of Crowds-Singapore Election Perspectives

From: Peter Lye
Date: Mon, 6 Jul 2009 09:05:37 -0700 (PDT)
Local: Tues, Jul 7 2009 12:05 am
Subject: The Wisdom of Crowds-Singapore Election Perspectives

The Wisdom of Crowds-Singapore Election Perspectives

Sir Francis Galton who is a half cousin of the Charles Darwin and a
person steep in aristocracy and the study of inheritance of
intelligence during the early 1900s was surprised that the crowd at a
county fair was able to guess the weight of an ox better than the
estimates of the cattle experts at hand. Although no single guess of
the crowd and cattle experts were correct, the mean of their
collective guess of the crowd was more accurate than that of the
cattle experts. For Francis Galton, this was not only a surprise but
most probably represented an unlearning of his basic belief in the
superior wisdom of the intelligentsia proxied by the aristocrats of
his time relative to the wisdom of the crowd.

Many years ago, the elder statesman of Singapore; Lee Kuan Yew once
made a comment that perhaps there should be a re-examination of the 1
man 1 vote system which is the cornerstone of democracy. Such a
comment by a politician would have been equated to a politician
committing career hara-kiri. However, in Singapore Lee Kuan Yew was
commended for his candor in being willing to surface such a sensitive
topic for the public to start pondering about. The topic did not take
much root and died a natural death on the media and eventually in much
of Singapore.

It was an old Washington Post editorial where Francis Galton
experiment was mentioned that revived my memory of the comment made by
Lee Kuan Yew. What unsettled me was that Lee Kuan Yew have a few
parallel in terms of beliefs with Francis Galton with both of them
being highly intelligent, influential members of society and thought
leaders. In addition, the topic of inheritance of intelligence has
also some parallel in the 'Graduate Mother Scheme' that has been
abolished. This scheme provided off-springs of graduate mothers
priority points in getting into choice schools. This scheme was
relatively short-lived as it saw opposition not only from non-graduate
mothers who were dis-advantaged by it but also by the graduate mothers
themselves I believe on an altruistic heart chord of preserving the
scared equal opportunity for all and sundry. At least it proves that
political apathy has not gone as far into the woods as some might have
thought. To be fair to Lee Kuan Yew, it was a Ministry of Education
policy and not entirely his making.

Perhaps, we all should be mindful that though the 1 man 1 vote system
is not perfect, it is most probably the best that we have. To me, this
is so scared that most attempts to improve the system will more likely
injure it than do any good to it and perhaps should be considered an
out of bounds topic for a long time.

Peter Lye aka lkypeter

Safe Harbor. Please note that information contained in these pages are
of a personal nature and does not necessarily reflect that of any
companies, organizations or individuals. In addition, some of these
opinions are of a forward looking nature. Lastly the facts and
opinions contained in these pages might not have been verified for
correctness, so please use with caution. Happy Reading. Peter Lye

From: wakalukong
Date: Mon, 6 Jul 2009 19:22:20 -0700 (PDT)
Local: Tues, Jul 7 2009 10:22 am
Subject: Re: The Wisdom of Crowds-Singapore Election Perspectives

On Jul 7, 12:05 am, Peter Lye wrote:


- Hide quoted text -
- Show quoted text -

> The Wisdom of Crowds-Singapore Election Perspectives

> Sir Francis Galton who is a half cousin of the Charles Darwin and a
> person steep in aristocracy and the study of inheritance of
> intelligence during the early 1900s was surprised that the crowd at a
> county fair was able to guess the weight of an ox better than the
> estimates of the cattle experts at hand. Although no single guess of
> the crowd and cattle experts were correct, the mean of their
> collective guess of the crowd was more accurate than that of the
> cattle experts. For Francis Galton, this was not only a surprise but
> most probably represented an unlearning of his basic belief in the
> superior wisdom of the intelligentsia proxied by the aristocrats of
> his time relative to the wisdom of the crowd.

> Many years ago, the elder statesman of Singapore; Lee Kuan Yew once
> made a comment that perhaps there should be a re-examination of the 1
> man 1 vote system which is the cornerstone of democracy. Such a
> comment by a politician would have been equated to a politician
> committing career hara-kiri. However, in Singapore Lee Kuan Yew was
> commended for his candor in being willing to surface such a sensitive
> topic for the public to start pondering about. The topic did not take
> much root and died a natural death on the media and eventually in much
> of Singapore.

> It was an old Washington Post editorial where Francis Galton
> experiment was mentioned that revived my memory of the comment made by
> Lee Kuan Yew. What unsettled me was that Lee Kuan Yew have a few
> parallel in terms of beliefs with Francis Galton with both of them
> being highly intelligent, influential members of society and thought
> leaders. In addition, the topic of inheritance of intelligence has
> also some parallel in the 'Graduate Mother Scheme' that has been
> abolished. This scheme provided off-springs of graduate mothers
> priority points in getting into choice schools. This scheme was
> relatively short-lived as it saw opposition not only from non-graduate
> mothers who were dis-advantaged by it but also by the graduate mothers
> themselves I believe on an altruistic heart chord of preserving the
> scared equal opportunity for all and sundry. At least it proves that
> political apathy has not gone as far into the woods as some might have
> thought. To be fair to Lee Kuan Yew, it was a Ministry of Education
> policy and not entirely his making.

> Perhaps, we all should be mindful that though the 1 man 1 vote system
> is not perfect, it is most probably the best that we have. To me, this
> is so scared that most attempts to improve the system will more likely
> injure it than do any good to it and perhaps should be considered an
> out of bounds topic for a long time.

> Peter Lye aka lkypeter

> Safe Harbor. Please note that information contained in these pages are
> of a personal nature and does not necessarily reflect that of any
> companies, organizations or individuals. In addition, some of these
> opinions are of a forward looking nature. Lastly the facts and
> opinions contained in these pages might not have been verified for
> correctness, so please use with caution. Happy Reading. Peter Lye

-------

LKY suggested fiddling with the one-man-one-vote system after the PAP
did badly in elections. He suggested that perhaps older people should
be given more than one vote since they had seen more of life (he
always suspects that the young would do him in since they're more
demanding).

He should be thankful that his suggestion died a natural death. If
older people had been given more than one vote each, the PAP would be
soundly thrashed in the next elections because these older people
can't get their full CPF and suspect that their money would be gone
forever.

Wakalukong

Singaporeans trapped in poor quality of life

From: "truth"
Date: Tue, 07 Jul 2009 03:34:42 GMT
Local: Tues, Jul 7 2009 11:34 am
Subject: Singaporeans trapped in poor quality of life

truth comment: this article has a few very good points. one of
which is that the way the pap structure the system, most singaporeans
will be stucked in a poor quality of life forever, even when their
income rise. not many singaporeans are aware of this but that is
the reality.
http://singaporemind.blogspot.com/
Tuesday, July 07, 2009
GDP Growth as Progress in Singapore....

"Do we want to open our country to expats so that they can progress at the
expense of our own Malaysians? Do we want to 'progress' to a level that even
our children can't buy a house in our own land? Last, I ask myself. Do we
Malaysians look at GDP growth as the only measure to choose our government
or are we much more matured than that? Achievement at whose expense?" -
Vijay Kumar, Malaysian who worked in Singapore [Link]
.
We saw what 7.5% GDP growth is like in 2007 - cost of housing went up by
23%, transport costs go up, utilities go up, etc. Income rose meaningfully
only for a small number of people because of unequal distribution. Most
Singaporeans fear the type of GDP growth we see in 2007 but we are also
afraid of job losses in a recession. For many Singaporeans, the good times
are gone for ever and life is a perpetual struggle to survive. Why?

Take cars as an example. We have a quota system. This means that even if
income rises, the number of people who are allowed to have cars is the same.
What happens when income rises is the COE price goes up disproportionately
compared with the rise in income. You might think that if your income goes
up, you can afford more taxi rides, forget it! Taxi fares rise just as fast
when demand goes up because the number of taxis is also limited by the COE.
Housing? Do HDB flats become more affordable when GDP goes up? No! In 2007,
the GDP went up 7.5% but the cost of housing went up by 23%. The paradox in
Singapore is as people make higher incomes, the size of homes they can
afford shrinks. For a large number of people whose income remain stagnant,
these price increases represent a fall in real wages and we see more poverty
in Singapore today than we did 20 years ago.

Singapore did what no other country has done to go after GDP growth -
importing foreign labor in large numbers. Most other countries do it by
moving up the technology ladder, innovation, nurturing home grown
industries. In 2008, our population grew by 5.5% to 4.84M[Link] that is an
addition of roughly 250,000 people. Does it make sense to add so many people
onto a land scarce island like Singapore? We have been told various things
over the years including "foreigners create jobs for Singaporeans", "don't
be small minded", etc. Most Singaporeans can agree that a certain level of
immigration helps to keep our society vibrant but to import people to
maximise GDP ignoring the impact on ordinary Singaporeans can be detrimental
in the long run.
.
Malaysian, Vijay Kumar, fears that his govt will copy Singapore's model to
maximise GDP growth. He does not like what he saw when he worked in
Singapore and asks if Malaysians should just "look at GDP growth as the only
measure to choose government" or "are we more matured than that?". Vijay
Kumar has asked the right questions, the same questions Singaporeans asked
but received no proper answer for the past 15 years. Now we are told to just
accept what has been done and told to live with the consequences.

posted by LuckySingaporean